Miller joined Pace five years ago, overseeing the firm's growth to a point where turnover reached £525m last year (Broadcast 9.7.01). However, in the last 12 months, turnover has tumbled by a third to £352m and profits have fallen from £38.1m to a loss of £29.5m (Broadcast 15.7.02). The firm's share price is now trailing along the floor at 14p compared with a high of around £4.25 at the start of the year.

According to finance director John Dyson, Miller's decision to quit did not come as a surprise. He said Miller had quit for personal reasons and that after being at the firm for five years, he wanted a change.

In a statement, the firm said it was now looking for a successor and that both internal and external candidates would be considered.

Miller joined Pace from Sega Europe where he was European chief executive. He joined Sega in 1994 after 16 years with consumer electronics firm Amstrad. He started his career with Birds Eye.